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- Vulcan Energy (VUL) is set to double the size of its technical team with the acquisition of German geothermal engineering company Global Engineering and Consulting
- The acquisition comes at the cost of 325,000 fully paid ordinary shares in Vulcan, plus an earn-out up to 1.19 million euros (roughly A$1.84 million) linked to project development milestones
- The acquisition follows Vulcan’s recent agreement to acquire sub-surface development company GeoThermal Engineering
- With the acquisition of both companies, Vulcan says it will have an unparalleled surface and sub-surface geothermal development team to assist with its Zero Carbon Lithium strategy
- Before the market opens, shares in Vulcan Energy are trading at $7.62
Vulcan Energy (VUL) is set to double the size of its technical team with the acquisition of German geothermal engineering company Geo-Co.
Vulcan has signed an agreement to acquire 100 per cent of geothermal surface consultancy company Global Engineering and Consulting Gmbh— otherwise known as Geo-Co.
Geo-Co is an engineering team with experience in surface development and geothermal projects both in Germany and worldwide. The company’s focus is on projects at surface, like power plants, heat stations and drill pads, plus geothermal projects in high- and low-enthalpy brines around the world.
325,000 fully paid ordinary shares in Vulcan will be issued to Geo-Co for the acquisition, 216,667 (or 66 per cent) of which will be subject to a 12-month voluntary escrow from the date of issue. An earn-out up to 1.19 million euros (roughly A$1.84 million) linked to project development milestones of the Vulcan Zero Carbon Lithium Project will also be offered.
Should the milestones not be met within three years from the completion of the acquisition, Vulcan may elect to extend the milestone dates or grant Geo-Co’s CEO a right to buy back 100 per cent of the shares in Geo-Co.
The acquisition follows Vulcan’s recent agreement to acquire sub-surface development company GeoThermal Engineering.
With the acquisition of both companies, Vulcan says it will have an unparalleled surface and sub-surface geothermal development team to assist with its Zero Carbon Lithium strategy.
Before the market opens, shares in Vulcan Energy are trading at $7.62.
